Merchants Bank of Indiana is headquartered in Carmel and is the 3rd largest bank in the state of Indiana. It is also the 151st largest bank in the nation. It was established in 1923 and as of June of 2022, it had grown to 495 employees at 6 locations. Merchants Bank of Indiana's money market rates are 9X the national average, and it has an A health rating.
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11/4 - Merchants Bank of Indiana Money Market Retakes Rate-Leader Status
11/3 - Merchants Bank Of Indiana's Money Market Jumps To 3.82% APY On November 3
9/27 - Merchants Bank of Indiana Money Market Account Is Near Rate Leader
9/22 - Merchants Bank Of Indiana Raises Money Market Savings To 3.05% APY
9/22 - Merchants Bank Of Indiana Raises 12, 24, And 36-Month Flex Index CD Rates To 3.56% APY
7/29 - Merchants Bank of Indiana Money Market Account Is New Rate Leader
7/29 - Money Market Account Now Earns 2.28% APY
6/21 - Merchants Bank of Indiana Hikes Money Market Account Rate Again
6/16 - Merchants Bank Of Indiana's Money Market Savings Climbs To 1.51%
5/19 - Merchants Bank of Indiana Boosts Money Market Account Rate
1/2 - Money Market Rate Drop From 1.00% To .75% APY On 1 Jan 2021
1/2 - Rate Dropped
Easy And Smooth Process
• No credit check, only ChexSystems for opening a money market account
• $15 incoming wire fee is reimbursed the next business day
• Personal phone call from a CSR to confirm information in online application
• No issue with a joint account initiated online
Peculiarly Different In-Bank V. Online.
I called the bank about their 3% MMA and got a lot of confused info about opening it online - they seemed to be saying I'd never be able to make outgoing transfers initiated from the bank unless I opened it at a branch. They recommended going into the bank in person "for security reasons". It's a local bank for me so I went in, that process went smoothly enough.
What I'd say is that this bank is not ready for prime time ... I felt like everyone who works there banks there and draws their cash there, and their knowledge seems limited to their own banking experience. No one seems to know much about the online process. The account is referred to as a "checking" account but I wasn't offered any checks or a debit card. I went online and there it tells me I'm eligible for free checks. Maybe I can get a debit card too, who knows.
This will probably work itself out, nothing too alarming, but I'm not planning to use it much. Can't say I'd recommend it to anyone else.
RUDE Employees
Marie if you are reading this, then this is for you. Please do something about your tone and attitude. We the customers are the reason your employer's business exits, please learn to talk politely.
Data as of Q2 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 8056 |
| Year Established | 1923 |
| Employees | 495 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.98% |
| Return on Equity - YTD | 18.19% |
| Annual Interest Income | $160.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $10.82B$9.62B |
| Loans | Q2 2022vs Q2 2021 | $9.91B$8.64B |
| Deposits | Q2 2022vs Q2 2021 | $8.12B$7.86B |
| Equity Capital | Q2 2022vs Q2 2021 | $1.17B$1.01B |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $36.6MM$28.1MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $4.1MM$2.1MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $0$0 |